MercoPress. South Atlantic News Agency

IMF approves first review of Argentine program

The International Monetary Fund, IMF, approved this Wednesday the disbursement of 358 million US dollars from a 13,3 billion US dollars stand by credit line agreed last September with Argentina.

The IMF Executive Board which represents the 184 country members made the decision following the consideration of the first review of the three years September agreement which commits Argentina to several basic reforms.

The September agreement cleared the way for the re-scheduling of Argentina's 21 billion US dollars debt with multilateral credit organizations.

Argentina is also committed to reaching a friendly and fair agreement with its private creditors, 81 billion US dollars in sovereign bonds which she defaulted in December 2001.

Early in the day IMF spokesperson Thomas Dawson praised the "impressive" evolution of the Argentina economy.